AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A company must notify CAC within 14 days of any change in a director's particulars, including name and address (CAMA 2020, section 321). It is filed on the CAC portal as a change of particulars of directors, a post-incorporation filing that costs ₦5,000 for a small company and ₦10,000 for other private companies under the fee schedule gazetted on 29 May 2025. A director can also pay ₦25,000 to keep a residential address off the public record.
What counts as a director's particulars
Section 319 of the Companies and Allied Matters Act 2020 lists what the register of directors must hold for each individual director: full name and any former names, service address, nationality, business occupation, date of birth, phone number and email address. Section 320 adds a separate register of directors' usual residential addresses. A change to any of these is a change CAC must hear about.
Common triggers include a director changing surname after marriage, moving house, changing the service address used for company post, or getting a new phone number or email.
The 14-day rule
Section 321(1) requires the company, within 14 days of a change in the particulars in its register of directors or residential addresses, to notify CAC of the change and the date it happened. Section 321 also covers new and departing directors: a notice of a new director must include their particulars and their consent to act. For appointments and removals, see adding or removing a director.
Documents to prepare
- Name change: evidence of the new name, such as a marriage certificate, sworn affidavit of change of name or newspaper publication, together with ID in the new name. CAC will want the old and new names to tie up.
- Address change: the new address in full. Have recent proof of address ready if the portal asks.
- Phone or email: the new contact details; make sure the director can receive portal notifications at them.
- A board resolution or director's confirmation where the articles or the portal call for one.
Steps on the CAC portal
- Log in to the company's portal account (or ask your accredited agent to).
- Choose the post-incorporation filing for change of particulars of directors.
- Select the director and update the changed fields, stating the date of change.
- Upload supporting documents.
- Pay the filing fee, plus the same-day surcharge if you need it.
- Respond to any query, then download the approval. Check the update with a status report.
Fees under the May 2025 schedule
| Item | Small company | Private, other than small | Public |
|---|---|---|---|
| Post-incorporation filing (change of particulars) | ₦5,000 | ₦10,000 | ₦20,000 |
| Same-day filing surcharge (on top) | ₦20,000 | ₦30,000 | ₦50,000 |
| Restriction of director's residential address | ₦25,000 | ₦25,000 | ₦50,000 |
| Status report to confirm | ₦5,000 | ₦5,000 | ₦10,000 |
| Daily default penalty for late filings (other penalties) | ₦100 | ₦200 | ₦500 |
Worked example
Example only: a director of a private (not small) company moves from Surulere to Lekki on 1 March. The deadline to notify CAC is 15 March. The company files on 12 March: ₦10,000. The director also asks to restrict the residential address from public view: ₦25,000. A status report to send to the bank: ₦5,000. Total: ₦40,000. Had the company filed 30 days late, the schedule's daily default figure for a private company (₦200 a day) would suggest ₦6,000 in penalties if applied, plus any one-off penalty CAC assesses.
Why the 14 days matter in practice
Out-of-date director details cause more trouble than the penalty. Banks compare the mandate and signatory records with CAC records when you open accounts, change signatories or apply for credit, and a mismatch in name or address can hold up the request until CAC is updated. Tender evaluators and large clients do the same when they read a status report. Notices from CAC go to the email and phone on the record, so a director who has changed number may miss queries on other filings. And a name change that is never filed leaves a director signing documents in one name while the public record shows another, which invites questions about authority.
Who should file
The company files, through a director, the company secretary where there is one, or an accredited agent. If you use an agent, ask for the CAC payment receipt and the approved filing, not just a confirmation message.
Business names: a different rule
For a registered business name, changes in the proprietor's or partners' particulars must be notified within 28 days (section 818), and the post-registration filing fee is ₦5,000.
Keep the rest in step
- Update the company's own register of directors and residential addresses.
- Tell the company's banks: mandates and signatory records carry the old name or address until you do.
- Update the PSC record if the director is also a person with significant control.
- Check the change shows on CAC before your next annual return; see CAC annual returns.
Where Pryme fits
When a director's details change, update them in your Pryme Business Account too. The Compliance agent can prepare a checklist of who needs telling; a person approves before anything is sent.
Questions people ask
How do I change a director's address on CAC?
File a change of particulars of directors on the CAC portal within 14 days of the change (CAMA 2020, s.321). The fee is ₦5,000 for a small company and ₦10,000 for other private companies.
What documents does CAC need for a director's change of name?
Evidence of the new name, such as a marriage certificate, affidavit or newspaper publication, plus ID in the new name.
Can I hide my home address on CAC records?
Yes. Restriction of a director's residential address costs ₦25,000 for private companies under the May 2025 schedule.
What happens if I don't update director details on time?
The company and officers can be penalised; the schedule lists daily default penalties of ₦100 (small) and ₦200 (private) for other defaults.
Sources
- Companies and Allied Matters Act 2020, full text (2020) · accessed Oct 2026
- CAC New Schedule of Fees, Official Gazette No. 92 Vol. 112 (29 May 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.